(a) The Board of Trustees shall appoint a treasurer of the system who shall perform the following duties:
(1) Act as official custodian of the cash and securities belonging to the system and provide adequate safe deposit facilities for the preservation of the securities and hold the cash and securities subject to the order of the Board;
(2) Receive all items of cash belonging to the system;
(3) Collect the interest and principal on securities acquired by the system and deposit all such amounts in a special trust fund maintained in the name of the board;
(4) Make payments for the various purposes specified in this chapter in accordance with the direction and authorization of the Administrator;
(5) Submit such periodic reports or statements of accounts as the board may require.
(b) The Administrator of the Government Employees Retirement System shall employ, with the advice and consent of the Board of Trustees, an attorney for the system.